Fargo, Ellis County, Oklahoma Property Taxes
The median property tax rate in Fargo, OK is 0.99%, aligning with the national median but slightly higher than the Oklahoma state median of 0.97%. With a median home value of $64,950 in Fargo, the typical annual property tax bill is $640, which is significantly lower than the national median of $2,690. Property taxes in Fargo are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fargo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fargo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fargo, Ellis County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$643
$597
Ownwell’s Fargo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fargo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fargo to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fargo, Ellis County, Oklahoma
Property taxes in Fargo, Oklahoma, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Fargo is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Fargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fargo estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fargo's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73840 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Fargo provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fargo Tax Rate
0.99%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fargo, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | 0.56% | 0.77% | 0.99% | 1.13% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Fargo, Ellis County, Oklahoma
In Fargo, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Ellis County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fargo, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fargo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Fargo both stand at $640, with the zip code 73840.
Property Tax Assessment Values Across Fargo, Ellis County, Oklahoma
Source: Ownwell
$53,439
$93,547
$133,654
Average Fargo Assessed Value
$64,950
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fargo, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | $23,953 | $39,578 | $64,950 | $107,348 | $166,272 |
Source: Ownwell
Property Tax Bills Across Fargo, Ellis County, Oklahoma
In Fargo, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Various factors, such as the property's size, location, and condition, are considered during the assessment process. Homeowners in Fargo can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $334, while the 75th percentile tax bill reaches approximately $1,033. At the higher end, the 90th percentile tax bill can be as much as $1,681. These figures highlight the range of property tax bills within the city, influenced by the assessed property values and applicable tax rates. Comparatively, the median property tax rate in Fargo is influenced by the national median rate of 0.99%. Homeowners in Fargo should be aware of these variations as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Fargo Tax Bill
$640
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fargo, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | $193 | $334 | $640 | $1,033 | $1,681 |
Source: Ownwell